VIVA re­ports KD 19.5m net profit

Kuwait Times - - BUSINESS -

KUWAIT: VIVA, Kuwait's fastest-grow­ing and most de­vel­oped tele­com op­er­a­tor, an­nounced the fi­nan­cial re­sults for the six-month pe­riod ended 30 June 2017; whereby VIVA's net profit grew to reach KD 19.5 mil­lion record­ing a growth of 1 per­cent com­pared to the same pe­riod in 2016; whereas the rev­enues dur­ing the first six-month pe­riod in 2017 reached KD 133 mil­lion. VIVA achieved these re­sults due to a bun­dle of in­no­va­tive plans and of­fers to meet all cus­tomers seg­ments' needs and as­pi­ra­tions, in ad­di­tion to di­rect cus­tomer-fo­cused mar­ket­ing cam­paigns.

Com­ment­ing on the six-month's fi­nan­cial re­sults, Dr Mah­moud Ahmed Ab­dul­rah­man, VIVA's Chair­man said: "De­spite the high com­pe­ti­tion wit­nessed in the Kuwaiti Tele­com Mar­ket, VIVA was able to achieve a growth in the prof­itabil­ity, in ad­di­tion to sus­tain­ing the op­er­a­tional ef­fi­ciency thus gen­er­at­ing pos­i­tive re­turn to our share­hold­ers. The wit­nessed growth in VIVA's prof­its was a re­sult of the ap­proved busi­ness strat­egy to be one of the most de­vel­oped tele­com com­pa­nies in Kuwait and the re­gion. More­over, our pos­i­tive and key role, as a pioneer tele­com com­pany, al­ways con­trib­utes in pro­vid­ing smart telecom­mu­ni­ca­tions so­lu­tions to sat­isfy our cus­tomers' as­pi­ra­tions and needs."

He added, "VIVA was able to achieve net profit of KD 19.5 mil­lion (earn­ings per share of 39 fils) dur­ing the six month pe­riod ended 30 June 2017 com­pared to net profit of KD 19.4 mil­lion (earn­ings per share of 39 fils) dur­ing the same pe­riod in 2016. These re­sults achieved by VIVA dur­ing the first six-month pe­riod in 2017 re­flect the ef­fi­cient busi­ness strat­egy adopted by the com­pany to achieve out­stand­ing re­sults de­spite of the in­creas­ing com­pe­ti­tion. In ad­di­tion, VIVA man­aged to achieve pos­i­tive earn­ings for its share­hold­ers as a re­sult of the com­mit­ment to el­e­vate the qual­ity of cus­tomer ser­vice and im­prov­ing the op­er­a­tional ef­fi­ciency".

On his part, Eng. Sal­man bin Ab­du­laziz Al Bad­ran, VIVA's CEO said: "Re­sults of the six­month pe­riod ended 30 June 2017 came in line with VIVA's goals and bound­less am­bi­tions to achieve an in­crease in its op­er­a­tional rev­enues and strengthen its lead­er­ship in the tele­com mar­ket. It is note­wor­thy to men­tion that, VIVA has won many awards in­clud­ing "Best Telecom­mu­ni­ca­tions Com­pany of the year, Kuwait 2016" by In­ter­na­tional Fi­nance Mag­a­zine in recog­ni­tion of the tele­com firm's ex­cep­tional per­for­mance and lead­er­ship role through in­no­va­tive so­lu­tions and tech­nol­ogy, which serve all the seg­ments in the Kuwaiti mar­ket."

He said, "The Best Con­tact Cen­tre Ex­pe­ri­ence", "Ex­cel­lence Gov­er­nance Award", "VIP Cus­tomer Ser­vice Award", ISO/IEC 27001:2013 cer­ti­fi­ca­tion for In­for­ma­tion Se­cu­rity Man­age­ment Sys­tem, at­tain­ing global sta­tus by meet­ing ap­pli­ca­ble manda­tory re­quire­ments from two lead­ing en­ti­ties In­ter­na­tional Or­ga­ni­za­tion for Stan­dard­iza­tion (ISO) and the In­ter­na­tional Elec­tro tech­ni­cal Com­mis­sion (IEC). In ad­di­tion VIVA suc­cess­fully es­tab­lished the first Voice Over LTE (VOLTE) in­ter­con­nec­tion in the Mid­dle East and North Africa re­gion in part­ner­ship with a lo­cal net­work, and was the first tele­com com­pany in Kuwait that has suc­cess­fully tested the fifth­gen­er­a­tion "5G" in its lab that will en­able cus­tomers to ex­change in­for­ma­tion and com­mu­ni­cate at higher speeds."

Al-Bad­ran added, "VIVA has achieved good lev­els of prof­itabil­ity which im­proved the com­pany's fi­nan­cial and op­er­a­tional ef­fi­ciency. As a re­sult, VIVA recorded rev­enues of KD 133 mil­lion dur­ing the first-six-month pe­riod in 2017 and achieved net profit of KD 19.5 mil­lion (earn­ings per share of 39 fils), whereas the op­er­at­ing profit has reached KD 20.8 mil­lion dur­ing the same pe­riod. On the other hand, VIVA cus­tomer base has reached 2.2 mil­lion at the end of June, 2017."

"VIVA's fi­nan­cial re­sults re­flect its abil­ity to com­pete, sus­tain rev­enues and main­tain its po­si­tion as the sec­ond largest tele­com op­er­a­tor in the Kuwaiti mar­ket in term of rev­enues in the tele­com sec­tor. The com­pany man­aged to de­crease its lever­age ra­tio due to its con­ser­va­tive fi­nan­cial pol­icy to reach 0.27x at the end of June 2017 as com­pared to 0.55x recorded at end of June 2016". He added, "We will con­tinue our hard work in im­ple­ment­ing our strat­egy to main­tain our com­pet­i­tive edge and achieve fur­ther growth and suc­cess in the Kuwaiti tele­com mar­ket through of­fer­ing in­no­va­tive prod­ucts and ser­vices in line with the lat­est tech­nol­ogy to meet our cus­tomers' needs."

Dr Mah­moud Ahmed Ab­dul­rah­man

Sal­man bin Ab­du­laziz Al-Bad­ran

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